Further to its press release of 15 May, Sequa Petroleum N.V. ("Company") announces that its 100% subsidiary Tellus Petroleum AS has now received NOK 358,863,837 from the Norwegian tax authorities in relation to its cessation of E&P activity in Norway.
As previously stated, Management expects that debt restructuring and possibly new equity and/or debt funds will enable the Company to progress selected high quality appropriately sized acquisition targets of production and development assets elsewhere that are value-accretive and provide cash flow.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com